The Members of
JASH DEALMARK LIMITED
Report on the Standalone Financial Statements:
We have audited the accompanying Standalone Financial Statements of Jash DealmarkLimited ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss including statement of other Comprehensive incomeCash Flow Statement and Statement of changes in Equity for the year ended March 31 2018and a summary of significant accounting policies and other explanatory information for theyear ended as on 31st March 2018.
Management's Responsibility for the Standalone Financial Statements:
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these Standalone Financial Statements that give a true and fair viewof the financial position financial performance and cash flow of the Company inaccordance with the accounting principles generally accepted in India including theaccounting standards specified under Section 133 of the Act as applicable. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the company and for preventingand detecting frauds and other irregularities selection and application of appropriateaccounting policies making judgments and estimates that are responsible and prudent anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by company's directors as well as evaluating the overall presentation ofthe financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India; of the state of affairs of the companyas at 31st March 2018 and its profit and loss including other comprehensiveincomeits cash flow statement and changes in Equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor's Report) Order 2016 ("theOrder")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in the "AnnexureA" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act we report that: a) we have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) in our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books c) the Balance Sheet the Statement of Profit and Lossincluding other comprehensive income Cash Flow Statement and Statement of Change inEquity dealt with by this Report are in agreement with the books ofaccount. d) in ouropinion the aforesaid standalone financial statements comply with the AccountingStandards specified under Section 133 of the Act read with relevant rule issuedthereunder. e) on the basis of written representations received from the directors as onMarch 31 2018 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2018 from being appointed as a director in terms of Section164(2) of the Act. f) with respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B" and g) with respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules2014 in our opinion and to the best of our information andaccording to the explanations given to us: i. The Company does not have any pendinglitigations which would impact its financial position. Except as provided in Annexure-Aclause (vii) Sub clause (a). ii. The Company did not have any long-term contract includingderivative contracts for which there were any material foreseeable losses; hence thecompany need not make any provision.
|For Doshi Maru & Associates. |
|Chartered Accountants |
|Sarvesh A. Gohil |
|Membership No.: 13782 |
|FRN: 0112187W |
|Place: Jamnagar |
ANNEXURE "A" TO AUDITOR'S REPORT
The Annexure referred to in Independent Auditors' Report to the members of the companyon the standalone financial statements for the year ended 31st March 2018 wereport that:
a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets. b) These Tangible assetswere physically verified by the management during the year. We have been informed that nomaterial discrepancies were noticed on such physical verification. c) According tothe information and explanation given to us the company does not own any immovableproperty. Hence paragraph 3(i)(c) of the Order is not applicable. (ii) The stock ofinventory has been physically verified during the year by the Management at reasonableintervals The discrepancies noticed on physical verification of stocks as compared tobook records were not material; however the same have been properly dealt with the booksof account. (iii) The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under Section 189of the Act. Thus paragraph 3(iii) of the order is notapplicable to the company. (iv) In our opinion and according to the information andexplanations given to us the Company has not made any loans guarantees and investmentscovered under the provisions of section 185 and 186 of the Companies Act 2013.
(v) The Company has not accepted any deposits from the public and hence thedirectives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 orany other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules2014 with regard to the deposits accepted from the public are not applicable.
(vi) As informed to us the maintenance of Cost Records has not been specified bythe Central Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.
(vii) In respect of Statutory Dues:
a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees stateinsurance income tax sales-tax value added tax GST duty of customs duty of exciseservice tax cess and other material statutory dues as applicable have been regularlydeposited during the year by the company with the appropriate authorities. According tothe information and explanations given to us no undisputed dues were in arrears as at 31stMarch 2018 for a period of more than six months from the date they become payable. b. Accordingto the information and explanations given to us there are no dues of sales tax incometax custom duty GST wealth tax excise duty and cess which have not been deposited onaccount of any dispute.
(viii) The company does not have any default in repayment of dues of loans orborrowings from any financial institution banks government or debenture holders duringthe year.
(ix) During the year the company did not raise any money by way of initial publicoffer or further public offer (including debt instruments) and term loans. Accordinglyparagraph 3 (ix) of the order is not applicable.
(x) According to the information and explanation given to us no material fraud bythe company or on the company by its officers or employees has been noticed or reportedduring the course of our audit. (xi) Based upon the audit procedures performed andthe information and explanations given by the management the managerial remuneration hasbeen paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.
(xii) In our opinion and according to the information and explanations given to usthe Company is not a Nidhi Company. Accordingly paragraph 3(xii) of the order is notapplicable. (xiii) According to the information and explanations given to us andbased on our examination of the records of the company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on ourexamination of the records of the company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.
(xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the paragraph3(xv) of the order is not applicable.
(xvi) The company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.
|For Doshi Maru & Associates. |
|Chartered Accountants |
|Sarvesh A. Gohil |
|Membership No.: 135782 |
|FRN: 0112187W |
|Date: 30.05.2018 |
|Place: Jamnagar |
ANNEXURE "B" TO AUDITOR'S REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ('the Act')
We have audited the internal financial controls over financial reporting of JashDealamrk Limited ("the Company") as of 31st March 2018 in conjunction withour audit of the financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the'Guidance Note') issued by the Institute of Chartered Accountants of India (the 'ICAI').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing issued by the ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that: (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.
For Doshi Maru & Associates. Chartered Accountants
|Sarvesh A. Gohil |
|Membership No.:135782 |
|FRN: 0112187W |
|Place: Jamnagar |